On April 14th 1912 the largest, and seemingly unsinkable, passenger steamship in the world collided with an iceberg and sank in less than three hours. The death toll was over 1500, making the sinking of the Titanic the most deadly peace-time maritime disaster in history.
Two things contributed to this disaster and the extraordinary loss of life.
- “The 90% factor”, and
- “An assumption”
The same two things could cost you the sale.
1. The 90% Factor
If you enjoyed high school geography you’ll remember that the mass of an iceberg, a full 90%, lies below the water line and out of sight. This fact sealed the fate of the Titanic almost 100 years ago. By the time the crew caught sight of the 10% it was too late to turn the ship out of harm’s way. The 90% below the water crushed the starboard side and buckled the hull, causing it to fill with water.
So what’s the parallel to selling?
- Not all information is visible. You need to dive deep to get it.
- Not all information is equal. The mass of valuable information lies below the waterline.
When I refer to the 90% in selling I am talking about information beyond the “stated needs” that customers volunteer and the “traditional facts” that sales pros gather. The 90% is information that the customer doesn’t immediately think to share until your powerful questions bring it to the surface.
The 90% takes work to expose (in terms of planning, preparation, thinking, listening and analysis) which is why much of it remains undisclosed. Within the 90% lies your source of powerful differentiation. Left uncovered, it is the stuff that will sink otherwise sound sales opportunities.
To get you thinking, here are a few elements of “the 90%” that commonly get missed and catch proficient sales pros off guard.
- The meaning and implications of the facts from the client’s point of view.
- The perspectives and priorities of the key stakeholders.
- The “informal” decision influences on this specific buying decision.
- The buyers’ disposition to you and to your competition.
- The conditions that will govern how, and if, the customer will move forward.
- Management preference and personal motives.
- This purchasing decision in the context of bigger corporate priorities.
Are you overlooking the 90%? What might you be missing, and how might you approach this important phase of the sales cycle differently?
2. An assumption
Assumptions lead to actions. In the case of the Titanic, the assumption that she was unsinkable led to a deadly action – she was equipped with lifeboats to hold only one third of the full passenger capacity. Undoubtedly more people would have survived if this important decision had not been made from an assumption.
We all make assumptions based on our perspectives, experience and context. When sales people make assumptions it costs them business.
For years Kevin’s company bid against four competitors on an annual multi-million dollar contract. Every year his bid failed. He assumed he had an equal opportunity to win the business. I discovered that this client was using Kevin’s lower pricing to keep the others competitive but the client had no intention of awarding Kevin the business. From the client’s perspective Kevin’s company wasn’t sophisticated enough to manage the complexity of this contract.
Tony assumed that his best and most loyal client was aware of his company’s full capabilities. Tony was devastated when a competitor won a large contract with his best client. Especially as Tony had not been invited to bid. Turns out the customer didn’t realize Tony’s company had the capabilities to fulfill this specialized contract.
Ray assumed the client’s verbal agreement to move forward meant he had the deal in the bag. Until a savvy competitor asked one powerful question that caused the client to rethink his strategy, re-assess his needs and re-assign the contract.
Barbara assumed her offering was right for every client and wasted months of time, energy and resources chasing after a prestigious client who saw no reason to buy from her and every reason to buy from her competitor.
Working with the same client for 17 years, Peter assumed he knew the client’s needs and buying preferences. His business from this client was flat. When he let go of this assumption, and shifted his approach from one of knowing to one of curiosity, he saw his sales soar.
I could fill a book with similar stories, all of which started with an assumption and ended with unexpected and disappointing results.
When we make assumptions, we:
- listen selectively and miss the critical information that will win us the sale.
- ask biased questions that take us down a path to nowhere.
- fail to accept information that doesn’t justify our assumption.
- focus our limited time and energy on the wrong opportunities.
What assumptions do you make? What are they costing you in terms of your time, energy and business? Shift from a place of “knowing” to a place of “curiosity” so that you don’t send your sales results to the bottom of the ocean.
